GMT Capital (HBM) discloses 18.3M Hudbay Minerals shares, a 4.6% stake

Rhea-AI Filing Summary

GMT Capital Corp. and Thomas E. Claugus report their beneficial ownership in Hudbay Minerals Inc. common stock. They report beneficial ownership of 18,281,369 shares, representing 4.60% of Hudbay’s common stock, with no sole voting or dispositive power and full holdings under shared voting and shared dispositive power.

The percentage is calculated using 397,261,939 shares outstanding as of May 14, 2026, as reported by Hudbay Minerals Inc. GMT Capital, a Georgia corporation, and Mr. Claugus, a U.S. citizen and control person of GMT Capital, report that the shares are held by various managed funds and accounts advised by GMT Capital.

Key Figures

Beneficially owned shares: 18,281,369 shares Ownership percentage: 4.60% Shares outstanding baseline: 397,261,939 shares +2 more

5 metrics

Beneficially owned shares 18,281,369 shares Hudbay Minerals Inc. common stock beneficially owned by GMT Capital and Thomas E. Claugus

Ownership percentage 4.60% Percentage of Hudbay Minerals Inc. common stock beneficially owned

Shares outstanding baseline 397,261,939 shares Hudbay Minerals Inc. common stock outstanding as of May 14, 2026

Shared voting power 18,281,369 shares Shares over which the reporting persons have shared voting power

Shared dispositive power 18,281,369 shares Shares over which the reporting persons have shared dispositive power

Key Terms

beneficially owned, shared voting power, shared dispositive power, attorney-in-fact

4 terms

beneficially owned financial

"Amount beneficially owned: See Rows 5 through 11 of each Reporting Person's cover page."

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"Shared Voting Power 18,281,369.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 18,281,369.00"

attorney-in-fact regulatory

"signing on behalf of Thomas E. Claugus as attorney-in-fact pursuant to a power of attorney"

An attorney-in-fact is the person or entity given legal authority through a power of attorney to act on behalf of another for specific tasks, such as signing documents, voting shares, or handling transactions. For investors, this matters because it lets a trusted representative make timely decisions or complete paperwork when the owner cannot, much like handing keys to someone to run errands on your behalf—so checks on scope and limits of that authority are important.

FAQ

What percentage of Hudbay Minerals Inc. (HBM) does GMT Capital report owning?

GMT Capital and Thomas E. Claugus report beneficial ownership of 4.60% of Hudbay Minerals Inc. common stock. This is based on 18,281,369 shares compared with 397,261,939 shares outstanding as of May 14, 2026.

How many Hudbay Minerals Inc. (HBM) shares are beneficially owned by GMT Capital?

GMT Capital and Thomas E. Claugus report beneficial ownership of 18,281,369 shares of Hudbay Minerals Inc. common stock. All of these shares are reported under shared voting and shared dispositive power, with no sole power.

How was GMT Capital’s ownership percentage in Hudbay Minerals Inc. (HBM) calculated?

The 4.60% beneficial ownership is calculated using 397,261,939 shares of Hudbay Minerals Inc. common stock outstanding as of May 14, 2026, as reported in Hudbay’s Form F-10 filed on May 15, 2026.

Who are the reporting persons for this Hudbay Minerals Inc. (HBM) ownership disclosure?

The reporting persons are GMT Capital Corp. and Thomas E. Claugus. Mr. Claugus is the control person and President of GMT Capital and directs operations, including voting and disposition of shares held by the managed funds and accounts.

How is voting and dispositive power over Hudbay Minerals Inc. (HBM) shares allocated for GMT Capital?

GMT Capital and Thomas E. Claugus report 0 shares with sole voting or dispositive power and 18,281,369 shares with shared voting and shared dispositive power, all held through managed funds and accounts.

Where are GMT Capital and Hudbay Minerals Inc. (HBM) based according to this ownership report?

Hudbay Minerals Inc.’s principal executive offices are in Toronto, Ontario, Canada. GMT Capital Corp. and Thomas E. Claugus list their business office at 2859 Paces Ferry Road SE, Suite 1710, Atlanta, GA 30339.

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Available on EDGAR 08/14/2026 - 11:40 AM Accepted by SEC EDGAR 08/14/2026 - 11:39 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 15)

Hudbay Minerals Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

443628102

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 443628102

1

Names of Reporting Persons

GMT Capital Corp.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

GEORGIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 18,281,369.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 18,281,369.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

18,281,369.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.60 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Calculated based on the 397,261,939 shares of common stock of the Issuer (the "Common Stock") outstanding as of May 14, 2026, as reported on the Issuer's Report on Form F-10 filed with the Securities and Exchange Commission on May 15, 2026.

SCHEDULE 13G

CUSIP Number(s): 443628102

1

Names of Reporting Persons

Thomas E. Claugus

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 18,281,369.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 18,281,369.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

18,281,369.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.60 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: Calculated based on the 397,261,939 shares of common stock of the Issuer (the "Common Stock") outstanding as of May 14, 2026, as reported on the Issuer's Report on Form F-10 filed with the Securities and Exchange Commission on May 15, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Hudbay Minerals Inc.
(b)	Address of issuer's principal executive offices: The principal executive offices of the Issuer are located at 25 York Street, Suite 800, Toronto, Ontario, M5J 2V5, Canada
Item 2.
(a)	Name of person filing: i) GMT Capital Corp. ("GMT Capital") with respect to shares of Common Stock directly owned by each of Bay Resource Partners, L.P. ("Bay"), Bay II Resource Partners, L.P. ("Bay II"), Bay Resource Partners Offshore Master Fund, L.P. ("Bay Offshore") and certain sub-advisory and separate account clients advised by GMT Capital (together with Bay, Bay II and Bay Offshore, collectively, the "Managed Funds and Accounts"). ii) Thomas E. Claugus, the control person of GMT Capital, with respect to the shares of Common Stock directly owned by the Managed Funds and Accounts.
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is 2859 Paces Ferry Road SE Suite 1710, Atlanta, GA 30339
(c)	Citizenship: GMT Capital is a Georgia corporation. Mr. Claugus is a citizen of the United States.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 443628102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Rows 5 through 11 of each Reporting Person's cover page.
(b)	Percent of class: See Rows 5 through 11 of each Reporting Person's cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Rows 5 through 11 of each Reporting Person's cover page.
	(ii) Shared power to vote or to direct the vote: See Rows 5 through 11 of each Reporting Person's cover page.
	(iii) Sole power to dispose or to direct the disposition of: See Rows 5 through 11 of each Reporting Person's cover page.
	(iv) Shared power to dispose or to direct the disposition of: See Rows 5 through 11 of each Reporting Person's cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Thomas E. Claugus is the President of GMT Capital and in that capacity directs the operations of GMT Capital, including the voting and disposition of shares held by the Managed Funds and Accounts.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

GMT Capital Corp.

Signature:	/s/ Omar Z. Idilby
Name/Title:	Omar Z. Idilby, General Counsel and CCO
Date:	08/14/2026

Thomas E. Claugus

Signature:	/s/ Thomas E. Claugus
Name/Title:	Thomas E. Claugus, Omar Z. Idilby, attorney in fact*
Date:	08/14/2026

Comments accompanying signature: * Omar Z. Idilby is signing on behalf of Thomas E. Claugus as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by GMT Capital Corp. on Schedule 13G for Hudbay Minerals Inc. on 2/12/24.